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Analysts’ Cash Flow Forecasts, Information Asymmetry, And Financing Choices Of Firms, Mengyu Ma

FIU Electronic Theses and Dissertations

Prior research documents mixed results regarding the usefulness of cash flow forecasts. One stream of literature documents analysts provided cash flow information is associated with more accurate earnings forecasts, better accruals quality, stronger market reaction, and more precious information about future valuation. Another stream of literature claims that cash flow forecasts are a simple extension of analysts’ own earnings forecasts and are not useful. I contribute to this debate by examining potential implications of cash flow forecasts for information environment. My dissertation consists of three separate but closely related studies, which investigate how analysts’ cash flow forecasts are linked with …